Coronavirus-related federal spending surges in late April

Medical instruments and equipment topped list of expenses

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As lawmakers prepare to pass another round of stimulus for small businesses and hospitals, new data shows federal spending in the back half of April more than doubled.

According to a new report from NextGov, after remaining steady during the first half of April, federal spending skyrocketed by $6.4 billion in the latter half of the month (from April 13 through April 23).

The government had spent about $300 million by March 22, $2.6 billion by April 2 and $2.9 billion by April 13.

Overall, a vast amount of the money has been allocated toward research and development. However, there was a noticeable increase in spending on medical and surgical instruments, equipment and supplies during the latter part of April ($2.3 billion). Drugs and biologicals were the next top area of federal spending at $1.3 billion.

The majority of spending tends to come from the Department of Health and Human Services.

Meanwhile, the Federal Reserve announced Thursday that its balance sheet hit a record $6.6 trillion. That figure includes the economic impact payments doled out to American households as the central bank bought loans from banks.